Review of SBI Elite Card

Last article, we did a review on Standard Chartered Rewards Card. Now, we are back to SBI but this time the card under review is SBI Elite Card. This is one of the finest card under offer from SBI and in fact across the universe of cards.

Lets look at the features:

Welcome e- Gift Voucher worth Rs.5,000 to be choosen from an array of travel and lifestyle brands : Yatra, Hush Puppies, Bata, Marks & Spencer, Westside and Shoppers Stop

Free bookmyshow movie tickets worth Rs. 6,000 every year

Earn upto 50,000 Bonus Reward Points worth Rs. 12,500/ year

Spend based Reversal of Annual Fee on spends of Rs. 10 lakhs per year

Get 5X Reward Points on Dining, Departmental stores, Grocery and International spends

Enjoy Complimentary Domestic Lounge access twice every quarter at airport lounges in India

The card also gives you Complimentary membership to the Priority Pass Program worth $99

So, these are the features of the SBI Elite card. This card does comes with an annual fee of Rs. 5000. But mind it, the card fees are nothing compared to the benefit.

The foremost benefit which also leads to first year of the card for free is the Rs.5000 joining gift voucher. So, if you are thinking to buy new clothes my advice would be to get this SBI Elite Card for sure.

The second straight forward benefit is Rs. 500 worth bookmyshow voucher free every month. This would lead to a saving of Rs. 6000 per year on movies. So all those movie people pull your socks.

The third benefit on the SBI Elite Card is 2.5% cashback on your grocery, departmental store and restaurant spends. We forgot the international spends. So the SBI Elite Card is international friendly as well.

The fourth benefit is that you get 0.5% on every other spends.

The fifth benefit is the bonus points on reaching thresholds.

You get 10,000 bonus Reward Points on achieving annual spends of Rs. 3 lakhs and 4 lakhs. This is as good as Rs. 2,500. So, lets assume you used the SBI Elite cards only for your normal spends of Rs. 400,000, say electric bills, groceries and apart from using the freecharge coupons, paytm coupons and mobikwik coupons or bigbasket coupons, you earned Rs. 2,000. This calculation is according to 0.5%. So, if we spend this 400,000 on special categories, we get Rs. 10,000 in the form of cashback. So, for the first 400,000 per year, we can easily get Rs. 2000 to Rs. 10,000.

This is the normal cashback plus we get a bonus of Rs. 2500 for crossing the Rs. 300,000 per year mark.

And if you just spend another Rs. 100,000, you cross the Rs. 500,000 mark and this threshold would help you earn another 15000 in bonus points which is as good as Rs. 3,750. This is just the bonus. Usual points would range from 2000 to 10,000 which if translated to cash back, it as good as Rs. 500 to Rs. 2,500.

So, if you spends reach Rs. 500,000 per year, you can easily make Rs. 6000 (bookmyshow tickets) plus Rs. 6250 in bonus cashback plus anywhere between Rs. 2,500 to Rs. 12,500 per year depending upon the spending category.

If we do a threshold analysis for this SBI Elite card, your spend has to be virtually nil, as you are anyways to get bookmyshow voucher worth Rs. 6000 for free.

Also, we have not counted the complimentary lounge access as that anyways is free on many cards.

We again strongly recommend SBI Elite Card as all you have to do is gain from it.

 

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